The Company
PanAmerican BanCorp ("PanAmerican") was organized in 1997 to take advantage of an opportunity in Belize. PanAmerican was approached by the representatives of the government of Belize with the prospect of bringing mortgage banking into that country. Over the next two years, investors were lined up to purchase mortgages from PanAmerican. PanAmerican opened the necessary companies in Belize to conform to
local rules and concurrently was introduced to the Interactive Video Phone. The Video Phone would allow us to use our existing mortgage infrastructure to process and close the loans in Belize. The Interactive Video Phone company had just made plans to acquire Purewater Sciences International, Inc. ("Purewater"). However, their plans changed and that left the door open for us.
PanAmerican acquired Purewater, a Bulletin Board, over the counter non-reporting shell company, and made arrangements to merge PanAmerican into it.
Purewater Sciences held several patents on water purification. Its products have been discontinued and may or may not be revamped, however, the possibilities are being investigated.
Since taking over Purewater, PanAmerican has acquired two more companies and started two others. PanAmerian is in the final stages of one more start up/merger with First States Financial.
PanAmerican, through its subsidiaries, will be introducing and marketing several new products designed to facilitate the business of the subsidiary.
Business
PanAmerican BanCorp Update-December 14, 1998
Affordable Housing Group Ltd.
PanAmerican BanCorp ("PRWT")[sic] have[sic] begun construction on the first of our model homes and currently have[sic] over 100 prospective buyers. The homes are selling between $50,000 and $125,000 and prospective homeowners are anticipated to make down payments of between 5% and 8%. PRWT[sic] is very pleased with the progress and our relationship with the new Belizian[sic] Government.
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